Electrovaya (EFL) Status update summary

Business overview and technology differentiation

• Focuses on long-lasting, safe lithium-ion batteries using proprietary ceramic separator technology, offering superior cycle life and safety for mission-critical applications.

• Supplies over 30,000 battery systems with a perfect safety record, targeting heavy-duty sectors like material handling, robotics, defense, and energy storage.

• Key differentiators are safety and longevity, with both factors driving business depending on the application.

• Strategic partnerships with major OEMs and Fortune 100/500 companies, including Raymond Corporation, Toyota Material Handling, and Sumitomo Corporation.

Financial performance and growth trajectory

• Achieved 11 consecutive quarters of positive EBITDA and net profit for the past four quarters, with trailing 12-month revenue near $70 million.

• Current Canadian facility has $100 million annual revenue capacity; Jamestown, NY expansion adds $150–$200 million.

• Jamestown facility is fully funded by EXIM Bank, with additional working capital available through a $25 million ABL line.

• No immediate need for additional capital; balance sheet strengthened after recent capital raise.

Expansion and manufacturing update

• Jamestown, NY gigafactory construction is on track, with module production starting late summer and full production targeted for fiscal 2027.

• Facility output will be eligible for 45x production tax credits and investment tax credits, enhancing product attractiveness.

• Plans for further expansion exist, with 52 acres available for growth as demand increases.

• Supply chain for Jamestown focuses on materials from South Korea, Japan, Canada, and the U.S., minimizing exposure to China.